Latest news with #SummitBank
Yahoo
26-07-2025
- Business
- Yahoo
Summit Bancshares (SMAL) Surprises Investors with a Special Dividend in 2025
Summit Bancshares, Inc. (OTC:SMAL) is included among the 14 Stocks that Paid Special Dividends in 2025. A financial advisor in a suit, pen in hand, talking to a client in the bank. Summit Bancshares, Inc. (OTC:SMAL), operating through its subsidiary Summit Bank, delivers a range of commercial lending and banking services across California. Its offerings include checking and savings accounts, along with certificates of deposit. The company also extends various types of loans, such as those for commercial real estate, land development, construction, and both business and personal needs. In addition, it issues letters of credit. At its meeting on April 16, 2025, the Board of Directors of Summit Bancshares, Inc. (OTC:SMAL) announced a special cash dividend of $0.43 per share to mark the bank's 43rd anniversary. This special payout replaces the company's regular quarterly dividend. Summit Bancshares, Inc. (OTC:SMAL) has a strong track record of returning value to shareholders through special dividends, having issued several of them since 2016. While we acknowledge the potential of SMAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
Yahoo
24-07-2025
- Business
- Yahoo
San Francisco credit union to buy California bank
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: San Francisco Federal Credit Union has agreed to acquire Oakland, California-based Summit Bank in an all-cash transaction, the companies said Tuesday. The transaction will add three Summit branches in Oakland, Emeryville and Walnut Creek to the $1.3 billion-asset credit union's seven-branch footprint across San Francisco and San Mateo counties. The deal — expected to close in the first quarter of 2026 — awaits regulatory and shareholder approvals. Dive Insight: The transaction would be the seventh whole-bank purchase by a credit union this year and the second such announcement in California in 2025. In January, Oceanside-based Frontwave Credit Union agreed to buy El Centro-based Community Valley Bank in an all-cash transaction valued at $56.4 million. San Francisco FCU's latest move would bolster the credit union's financial solutions for its customers with enhanced digital tools and offer broader commercial services for member businesses while scaling its operations in the Bay Area with a total of 10 branches, according to the press release. 'Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities,' said Ray Shams, president and CEO of San Francisco FCU, in a statement. 'We are committed to helping our members achieve their financial goals while fostering strong local partnerships.' San Francisco FCU, established in 1964, is a not-for-profit organization serving nearly 47,000 members. The terms of the deal were not disclosed. The California credit union plans to retain the bank employees, to offer their knowledge of the East Bay and to ensure a smooth transition, according to the frequently asked questions section of San Francisco FCU. Founded in 1982, Summit Bank, the oldest woman-founded bank in California, has roughly $4.5 million in assets and caters to medium-sized businesses, professionals, and individuals, according to the press release. 'As we combine Summit Bank with San Francisco Federal Credit Union I am convinced that our customers will continue to see the can-do philosophy as our staff will continue into this larger financial institution that has the same values of Summit Bank,' Shirley Nelson, chairman and CEO of Summit Bank, said in a statement Tuesday. 'While it has been difficult to let go of something that I started over 43 years ago, I still plan to be involved supporting Summit Foundation.' In 2024, credit union-bank deals reached a record of 22 whole-bank acquisition announcements. Although this year's number is off pace compared to last year, Michael Bell, a partner at the law firm Honigman, said there are more deals in the works. 'The pace will pick up now,' Bell said in an email, adding this year's deal announcements might break or get close to that of last year's. In May, Idaho Falls-based Frontier Credit Union's proposal to buy First Citizens Bank of Butte marked its expansion into Montana. Credit union-bank deals irk trade groups like the Independent Community Bankers of America, which argues that credit unions' tax exemption allows them to offer a higher purchase price for small or struggling banks than bank competitors. San Francisco FCU's deal drew the attention of ICBA President and CEO Rebeca Romero Rainey, who noted that since 2010, credit unions with more than $1 billion in assets have been involved in more than 80% of acquisitions. She voiced similar concerns when the first California credit union-bank deal was announced in January. 'Credit unions have a mandate from Congress to serve people of modest means, though we repeatedly see growth-obsessed credit unions exploit their federal tax exemption to acquire taxpaying community banks and widen their already-massive footprints,' Romero Rainey said in a statement Tuesday. 'Policymakers must uphold market choice for small businesses and consumers alike by addressing taxpayer-subsidized consolidation of the financial services landscape by billion-dollar credit unions,' she added. Recommended Reading California credit union to buy in-state bank Sign in to access your portfolio
Globe and Mail
21-07-2025
- Business
- Globe and Mail
Summit Bank Announces the Addition of Max Williams to Its Portland Metro Advisory Board
Summit Bank is pleased to announce the addition of Max Williams to its Portland Metro Advisory Board. Williams brings decades of cross-sector leadership experience and a long history of service to Oregon's public, private, and nonprofit sectors. Most recently, he served as President and CEO of the Oregon Community Foundation, where he led the organization through a decade of extraordinary growth and transformation, expanding total assets from $1.2 billion to $3.7 billion and more than doubling statewide grantmaking. Under his leadership, OCF became one of the top 10 community foundations in the country and a catalyst for innovation in philanthropy and equity. This press release features multimedia. View the full release here: Previously, Williams directed the Oregon Department of Corrections and served three terms in the Oregon Legislature, including as Chair of the House Judiciary Committee. His professional background also includes more than a decade practicing law with Miller Nash LLP. "Max brings a rare combination of strategic vision, legal expertise, and statewide leadership experience," said Brian Thomas, Senior Vice President and Commercial Team Lead for Summit Bank's Downtown Portland Office. "His insights will be incredibly valuable as we continue to grow our presence and impact in the Portland Metro region." Summit Bank's Advisory Boards are composed of respected leaders and professionals who provide insight into local economic needs and opportunities. Their guidance helps shape the Bank's mission of supporting Oregon's business community through personalized, relationship‑based banking. Williams continues to serve on numerous nonprofit boards and remains focused on strengthening the state's civic and economic infrastructure. He'll be joined on Summit Bank's Portland Advisory Board by the following esteemed Portland‑area leaders: Adam K. Abplanalp, Managing Principal and Director of Client Experience at Cobalt CPA Jessica Getman, President of Brown & Brown Northwest Insurance Jerry Elliott, President & Founder of EOP Law Orlando Williams, President, CEO, and Chief Equity Officer of Motus Recruiting & Staffing Vanessa Sturgeon, President & CEO of TMT Development Dr. Tom Beer, Deputy Director and Chief Medical Officer at OHSU Knight Cancer Institute Together, this board brings deep experience across accounting, insurance, commercial real estate, staffing, healthcare, and development—precisely the kind of strategic insight Summit Bank needs as an active partner to Portland's growing business community. ABOUT SUMMIT BANK: Summit Bank Group Inc., through its wholly-owned subsidiary Summit Bank, maintains offices in Eugene, Bend, Redmond, Downtown Portland, and Westside Portland, specializing in providing high-level service to professionals and medium-sized businesses and their owners. The Bank was voted one of Oregon's "Top 100 Companies to Work For" for the fourth consecutive year, according to Oregon Business Magazine. Summit Bank was honored as "Favorite Bank" in the Eugene Register-Guard's annual Reader's Choice Awards and "Best Bank" by Central Oregon's Bend Bulletin for the past two years. Recently, Summit Bank was recognized by American Banker as one of the top 100 banks in the country, affirming its position among the elite national financial institutions. Additionally, Lane County recently named Summit Bank one of the best places for parents to work. Summit Bank Group Inc. is quoted on the OTCPK under the symbol SBKO.
Business Wire
21-07-2025
- Business
- Business Wire
Summit Bank Announces the Addition of Max Williams to Its Portland Metro Advisory Board
PORTLAND, Ore.--(BUSINESS WIRE)--Summit Bank is pleased to announce the addition of Max Williams to its Portland Metro Advisory Board. Williams brings decades of cross-sector leadership experience and a long history of service to Oregon's public, private, and nonprofit sectors. Most recently, he served as President and CEO of the Oregon Community Foundation, where he led the organization through a decade of extraordinary growth and transformation, expanding total assets from $1.2 billion to $3.7 billion and more than doubling statewide grantmaking. Under his leadership, OCF became one of the top 10 community foundations in the country and a catalyst for innovation in philanthropy and equity. "Max brings a rare combination of strategic vision, legal expertise, and statewide leadership experience," said Brian Thomas, Senior Vice President and Commercial Team Lead for Summit Bank's Downtown Portland Office. Share Previously, Williams directed the Oregon Department of Corrections and served three terms in the Oregon Legislature, including as Chair of the House Judiciary Committee. His professional background also includes more than a decade practicing law with Miller Nash LLP. "Max brings a rare combination of strategic vision, legal expertise, and statewide leadership experience," said Brian Thomas, Senior Vice President and Commercial Team Lead for Summit Bank's Downtown Portland Office. "His insights will be incredibly valuable as we continue to grow our presence and impact in the Portland Metro region." Summit Bank's Advisory Boards are composed of respected leaders and professionals who provide insight into local economic needs and opportunities. Their guidance helps shape the Bank's mission of supporting Oregon's business community through personalized, relationship‑based banking. Williams continues to serve on numerous nonprofit boards and remains focused on strengthening the state's civic and economic infrastructure. He'll be joined on Summit Bank's Portland Advisory Board by the following esteemed Portland‑area leaders: Adam K. Abplanalp, Managing Principal and Director of Client Experience at Cobalt CPA Jessica Getman, President of Brown & Brown Northwest Insurance Jerry Elliott, President & Founder of EOP Law Orlando Williams, President, CEO, and Chief Equity Officer of Motus Recruiting & Staffing Vanessa Sturgeon, President & CEO of TMT Development Dr. Tom Beer, Deputy Director and Chief Medical Officer at OHSU Knight Cancer Institute Together, this board brings deep experience across accounting, insurance, commercial real estate, staffing, healthcare, and development—precisely the kind of strategic insight Summit Bank needs as an active partner to Portland's growing business community. ABOUT SUMMIT BANK: Summit Bank Group Inc., through its wholly-owned subsidiary Summit Bank, maintains offices in Eugene, Bend, Redmond, Downtown Portland, and Westside Portland, specializing in providing high-level service to professionals and medium-sized businesses and their owners. The Bank was voted one of Oregon's "Top 100 Companies to Work For" for the fourth consecutive year, according to Oregon Business Magazine. Summit Bank was honored as "Favorite Bank" in the Eugene Register-Guard's annual Reader's Choice Awards and "Best Bank" by Central Oregon's Bend Bulletin for the past two years. Recently, Summit Bank was recognized by American Banker as one of the top 100 banks in the country, affirming its position among the elite national financial institutions. Additionally, Lane County recently named Summit Bank one of the best places for parents to work. Summit Bank Group Inc. is quoted on the OTCPK under the symbol SBKO.
Finextra
14-07-2025
- Business
- Finextra
ICSFS selected by Summit Bank for banking infrastructure
ICS Financial Systems ltd. (ICSFS), a leading global provider of premium universal banking software solutions, is pleased to announce that it has been selected by Summit Bank Limited – a newly established non-interest bank in Nigeria – to be their Banking Infrastructure provider. 0 The collaboration includes the deployment of ICS BANKS® Islamic Banking Solution as well as ICS BANKS® Digital Banking Solution at the banks' headquarters and six branches, marking a significant step forward for Summit Bank in bringing next-gen Digital sharia-complaint financial services to the Nigerian market. The ICS BANKS® Islamic Banking Solution will provide Summit Ban with a broad range of non-interest financing products, all to be delivered via several convenient digital touchpoints powered by ICS BANKS® Digital Banking Solution which encompasses modules such as SMS Banking Notifications System, ICS BANKS® Smart Mobile/Tablet Banking, ICS BANKS® Internet Banking, as well as ICS BANK® ERP Suite. Summit Bank also opted for several critical banking modules include ICS BANKS® Credit Facilities and Risk Groups, ICS BANKS® MIS, Remittances, Trade Finance, Islamic Treasury Module, IFRS9 ECL Module, e-KYC with 360° customer exposure, as well as the Risk Rating and Credit Scoring Modules. Mr. Umar Ahmed, Chairman of Summit Bank: "We are happy and excited moving forward with ICSFS as our technology partner. Such a decision is seldom an overnight one, especially since our success relies to a great extent upon the quality of our technology infrastructure and front end. It is also the window through which our customers will access our products and services, thus playing a crucial role in shaping the road ahead of us. Having examined the ICS BANKS® banking solution closely, I'm confident that our journey will be a smooth one. We have a strong faith in ICSFS to be our partners as we navigate the intricacies of sharia compliance in the modern banking world. We expect ICSFS to provide us with all the support we need to make our contribution to the Nigerian economy and promote financial inclusion." Dr. Mukhtar Adam, COO of Summit Bank: "We would like to thank ICSFS for their commitment towards being a strong partner and ally to Summit Bank. Their transparency with us from the first day has given us a sense of ease in knowing that we are able to rely on them completely. Technology is at the heart of banking and financial services, and it shapes the way our customers experience our services and interact with us. Therefore, having a dependable technology partner like ICSFS is a key success factor for us. Thus far, our engagement with ICSFS has shown us just how committed they are to our success, they have demonstrated excellent knowledge of our market, regulations and due processes, not to mention their ability to build the software in full compliance of our needs and requirements, deploy it, and maintain it. We have complete confidence in our choice of ICSFS as our technology partner, and we look forward to experiencing the immense power of their flagship banking solution: ICS BANKS®." Robert Hazboun, Managing Director of ICSFS: "Welcoming a new member to the ICS BANKS® family is always a joyous occasion for myself and everyone at ICSFS, and it is with tremendous pride that we can consider Summit Bank, Nigeria's newest non-interest bank, to be a cherished member of our growing family. We have a solid presence and an immense experience in the Nigerian market, which gives us a lot of confidence in our ability to impress our new client and be a true partner to them every step of the way. "Our top priority has been and will always be Customer Support, something that we take a lot of pride in doing excellently, not to mention the strong emphasis we place on conducting efficient, quick, and smooth implementation and go-live processes. We wish Summit Bank all the luck, success, and prosperity, and we look forward to an exciting journey further shaping the financial services market in Nigeria and the region." A signing ceremony to commemorate this significant partnership was held at the ICSFS Centre of Excellence in Amman. The event was attended by Summit Bank's Chairman, Mr. Umar Ahmed, and CEO, Dr. Mukhtar Adam, along with their Business and Technical Advisors, Mr. Meshack Ossai and Mr. Taiwo Akinde. Representing ICSFS at the ceremony were Global CEO, Mr. Robert Hazboun, Executive Director, Mr. Wael Malkawi, and a team of ICSFS senior management. ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS® has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.
